Full Text of HR1092 99th General Assembly
HR1092 99TH GENERAL ASSEMBLY |
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| 1 | | HOUSE RESOLUTION
| 2 | | WHEREAS, The prices of commodities - from oil and copper to | 3 | | coffee and corn - have declined by 10-70% per commodity over | 4 | | the past
year as measured in the Dow Jones and Bloomberg | 5 | | Commodity
Indices; the price of oil has fallen 70%; this price | 6 | | collapse is now creating a new crisis; and
| 7 | | WHEREAS, The collapse of commodity prices is the new | 8 | | "subprime mortgage" crisis of 2016; the
commodities and their | 9 | | related financial paper are tied to a $300 trillion derivatives | 10 | | bubble in the major
banks and other companies in the U.S., and | 11 | | far more internationally; it was the derivatives meltdown
that | 12 | | set off the 2008 financial collapse; and
| 13 | | WHEREAS, This new financial crisis is being driven by a | 14 | | collapse of our industry and infrastructure; November and | 15 | | December, 2015, U.S. Commerce Department durable goods orders | 16 | | fell by 1.1% and
5.1% respectively; mass layoffs are | 17 | | increasing, highlighted by the announcement of 10,000 layoffs | 18 | | at
Caterpillar and 200,000 layoffs in the oil fields; the | 19 | | Institute for Supply Management Manufacturing
Index has | 20 | | contracted for 4 straight months nationwide; and
| 21 | | WHEREAS, A return to a durable recovery will require | 22 | | adoption of national credit and national banking
policies as |
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| 1 | | was done by Alexander Hamilton, John Quincy Adams, Abraham | 2 | | Lincoln, Franklin D.
Roosevelt, Dwight Eisenhower, and John F. | 3 | | Kennedy; the program of federal credit to industry, states
and | 4 | | cities built the industry and agriculture of our nation; and
| 5 | | WHEREAS, National credit, under this Constitutional | 6 | | program, can be made available for the creation of
productive | 7 | | jobs in infrastructure, manufacturing, and high technology | 8 | | projects, thus creating mass
employment for our now heavily | 9 | | unemployed and underemployed workforce, especially young | 10 | | people; therefore, be it
| 11 | | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE | 12 | | NINETY-NINTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we | 13 | | urge the United States Congress to immediately adopt the | 14 | | "American Recovery" program by doing the following: | 15 | | 1) Restore the provisions of the Glass Steagall Act, and | 16 | | pass HR. 381 in the U.S. House of
Representatives and S. | 17 | | 1709 in the U.S. Senate, which aim to immediately restore | 18 | | the separation
of investment and commercial banking; | 19 | | Glass-Steagall in the U.S. House has 4 Illinois
| 20 | | Congresspersons co-sponsoring, and was law for 66 years; it | 21 | | prevented banking crises like the
one experienced in 2008; | 22 | | 2) Return to a national banking and a federal credit |
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| 1 | | system, modeled on the principles of
Alexander Hamilton's | 2 | | First Bank of the United States, which built all the | 3 | | infrastructure of the
nation for the first 40 years; it was | 4 | | reinstituted as Illinois native son Abraham Lincoln's
| 5 | | National Banking-Greenback policy that built everything | 6 | | from railroads to steel mills; Lincoln
was the architect of | 7 | | the Transcontinental Rail System that built America, and as | 8 | | a State
Legislator he was a leading sponsor of internal | 9 | | improvements and water projects here in Illinois; | 10 | | nationally, Lincoln was a leading advocate for a new | 11 | | National Bank; the same credit policy
was embodied in | 12 | | Franklin Roosevelt's Reconstruction Finance Corporation, | 13 | | which financed the New Deal infrastructure program; for | 14 | | example the Works Progress Administration was
financed by | 15 | | RFC and employed tens of thousands of Chicagoans of all | 16 | | ethnic backgrounds in
productive jobs; Ronald Reagan's | 17 | | father, Jack, was the director of the Works Progress | 18 | | Administration in Peoria; | 19 | | 3) Use the federal credit system to build a modern network | 20 | | of high speed rail, power generating
systems, water | 21 | | projects, such as those urgently needed in the Southwest | 22 | | and cities like Flint,
Michigan; Chicago; Philadelphia; | 23 | | and others nationwide; and other critical programs; and | 24 | | 4) Launch a program to rebuild our space program to put a |
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| 1 | | permanent manned colony on
the Moon and explore the solar | 2 | | system, and develop a program to
create nuclear fusion, to | 3 | | finally solve the energy needs of the nation and the | 4 | | planet; the
University of Illinois at Urbana-Champaign is | 5 | | actively involved in fusion research; and be it further
| 6 | | RESOLVED, That suitable copies of this resolution be | 7 | | delivered to President Barack Obama, U.S. Speaker of the House | 8 | | Paul Ryan, U.S. Senate Majority Leader Mitch McConnell, and all | 9 | | members of the Illinois Congressional Delegation.
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